Tracking AMG's Yacktman Asset Management Portfolio - Q1 2025 Update

2025-04-30 23:32:04 ET

Summary

• Yacktman’s 13F portfolio value decreased to $7.61B in Q1 2025, with Canadian Natural Resources as the largest holding at ~11%.
• Significant stake increases in PepsiCo, Darling Ingredients, Elevance Health, Olin Corporation, and Warner Brothers Discovery, while trimming positions in Microsoft, Fox, and Charles Schwab.
• Notable long-term holdings include Procter & Gamble, U-Haul, Cognizant Technology, and Johnson & Johnson, with consistent adjustments over the years.
• The flagship AMG Yacktman Fund maintains a concentrated portfolio with ~10% cash.

This article is part of a series that provides an ongoing analysis of the changes made to Yacktman’s 13F stock portfolio on a quarterly basis. It is based on Affiliated Management Group’s ( AMG ) Yacktman Asset Management 13F Form filed on 04/30/2025. Please visit our Tracking Yacktman Asset Management series to get an idea of their investment philosophy and our previous update for the fund’s moves during Q4 2024.

This quarter, AMG’s Yacktman Asset Management ( YACKX ) ( YAFFX ) ( YASSX ) 13F portfolio value decreased from $8.55B to $7.61B. The number of holdings decreased from 71 to 70. The largest holding is Canadian Natural Resources at ~11% of the 13F portfolio. The largest five individual stock positions are Canadian Natural Resources, Microsoft, Fox, Charles Schwab, and Procter & Gamble. Together, they account for ~32% of the 13F portfolio. The firm currently holds around ~10% cash. The portfolio is concentrated, with recent 13F reports showing around 70 individual positions. 41 of their stakes are significantly large (over ~0.5% of the 13F portfolio each) and they are the focus of this article....

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